All 10 S&P sectors posted declines after a Fitch report highlighted the U.S. banking industry’s exposure to European ongoing debt crisis.

But it’s not just Fitch.

Moody’s also downgraded German public banks, trader Tim Seymore noted.

“Everybody knows that Germany’s the only linch pin of strength, and if you start to see deterioration, you’ve seen blends widen this week,” he said.

The market is absent any catalyst, said trader Joe Terranova.

“There’s not really much out there,” he said. “If you must play, where do you look?"

Terranova said the following banks were in decent shape:

US Bancorp: “They do not have the exposure, the concerns that potentially you have in Europe.”

Bank of Montreal: “That’s pulled back to a level valuation that I believe is attractive.”

Blackstone: Worth a look, he said.

While fallout from the European crisis could bring long-term effects, Terranova said there was a potential backstop of last resort.

“At the end of the day — this is not a popular statement — but if need be, I think the Federal Reserve would step in,” he said. “They would actually have to put on their balance sheet ownership of some of this European debt.”

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Trader disclosure: On November 16, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Seymour owns BAC; Seymour owns WFC; Seymour owns FCX; Seymour owns INTC; Terranova is long VATS; Terranova is long LQD; Terranova is long MUB; Terranova is long SU; Terranova is long HES; Terranova is long AXP; Terranova is long IBM; Terranova is long STLD; Terranova is long CNQ; Terranova is long CAT; Terranova is long SBUX; Terranova is long CF; Terranova is long EMC; Terranova is long SCSO; Terranova is long HPQ; Terranova is long LULU; Terranova is long AAPL; Finerman has AAPL short calls; Finerman is long GOOG; Finerman is long JPM; Finerman is long IBM and has short calls; Finerman is long WNT and has short calls; Finerman is long TGT; Adami owns C; Adami owns GS; Adami owns INTC; Adami owns AGU; Adami owns NUE; Adami owns MSFT; Adami owns BTU;

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